Bloomberg News

Lead Is Biggest Loser as Natural Gas Gains: Commodities at Close

September 26, 2012

The Standard & Poor’s GSCI gauge of 24 commodities dropped 1.6 percent to 648.38 at 4:25 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 1.5 percent at 1,596.376

BASE METALS

Copper fell in New York on concern stimulus measures by central banks from the U.S. to Japan may fail to bolster economic expansion and demand for metals. Lead dropped 2.6 percent.

Copper for December delivery slid 1.7 percent to $3.694 a pound on the Comex in New York. Copper for delivery in three months fell 1.7 percent to $8,134 a metric ton on the London Metal Exchange.

Aluminum, tin, zinc, nickel and lead fell in London.

Base metals markets: NI BMMKTS

NATURAL GAS

Natural gas futures gained in New York for the fourth time in five days as concern eased that supplies would test storage limits before demand picks up with colder weather.

Gas rose as much as 3 percent as the October contract expires today. Natural gas for October delivery rose 2.4 percent to $2.995 per million British thermal on the New York Mercantile Exchange.

The more actively traded November contract climbed 3.9 cents, or 1.3 percent, to $3.144.

U.K. natural gas for delivery next month fell as Gassco AS said maintenance at an import terminal in Scotland ended earlier than scheduled and milder weather curbed demand for the heating fuel.

Gas for delivery in October slipped as much as 1.7 percent, according to broker data compiled by Bloomberg. Gassco, Norway’s network manager, said planned work at Total SA’s St. Fergus terminal in Scotland will end today, four days earlier than previously stated, according to a statement on the company’s website.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

LIVESTOCK

Hog futures for December settlement added 0.3 percent to 74.9 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for December delivery gained 0.3 percent to $1.25825 a pound.

Feeder-cattle futures for November settlement declined 0.1 percent to $1.46325 a pound.

Livestock markets: NI LVMKTS

GRAINS, OILSEEDS

Soybeans fell in Chicago, paring a fourth quarterly advance, as rainfall improved planting conditions in Brazil and the U.S. harvest accelerated, boosting global supplies of the oilseed.

Soybeans for November delivery dropped 1.2 percent to $15.915 a bushel on the Chicago Board of Trade by 12:48 p.m. in London. Prices are up 11 percent this quarter and rose to a record $17.89 this month as drought hurt the U.S. crop.

Corn for December delivery declined 1.1 percent to $7.355 a bushel. The grain is up 16 percent this quarter.

Wheat for December delivery fell 1 percent to $8.7775 a bushel. Prices have climbed 16 percent this quarter. In Paris, November-delivery milling wheat rose 0.5 percent to 262.50 euros ($337.23) a metric ton on NYSE Liffe.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cocoa rebounded in New York, extending the biggest quarterly advance in three years on dry weather in West Africa. Sugar also advanced.

Cocoa for December delivery climbed as much as 1 percent to $2,507 a metric ton on ICE Futures U.S. in New York and was at $2,483 a ton at 8:49 a.m. The futures in London were up 0.6 percent at 1,607 pounds ($2,598) a ton on NYSE Liffe.

In New York, arabica coffee for December delivery dropped 0.8 percent to $1.7235 a pound and raw sugar for March delivery rose 0.1 percent to 20.75 cents a pound.

In London, white, or refined, sugar for March delivery climbed 0.4 percent to $570 a ton and robusta coffee dropped 0.4 percent to $2,136 a ton.

Soft commodities markets: NI SOMKTS

OIL PRODUCTS

U.K. natural gas for delivery next month fell as Gassco AS said maintenance at an import terminal in Scotland ended earlier than scheduled and milder weather curbed demand for the heating fuel.

Gas for delivery in October slipped as much as 1.7 percent, according to broker data compiled by Bloomberg. Gassco, Norway’s network manager, said planned work at Total SA’s St. Fergus terminal in Scotland will end today, four days earlier than previously stated, according to a statement on the company’s website.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

CRUDE OIL

Oil fell below $90 a barrel as a report showed U.S. stockpiles rose for a third week and on concern the worsening European crisis will reduce demand.

Crude for November delivery fell 92 cents, or 1 percent, to $90.45 a barrel at 9:22 a.m. on the New York Mercantile Exchange. The price reached $89.82, the lowest intraday level since Aug. 3. The futures are down 8.5 percent this year.

Brent oil for November settlement dropped $1.06, or 1 percent, to $109.39 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold futures fell the most in more than seven weeks as the dollar rose amid concern that the crisis in Spain is worsening, crimping demand for the metal as an alternative investment.

Gold futures for December delivery retreated 1.1 percent to $1,746.90 an ounce at 9:55 a.m. on the Comex in New York, heading for the largest drop since Aug. 2. The price is up 11 percent this year.

Silver futures for December delivery fell 1.1 percent to $33.57 an ounce in New York. Prices are heading for the fourth consecutive decline, which would be the longest slump since May 16. The metal is up 21 percent this quarter.

Precious metal markets: NI PCMKTS

European Carbon Permits

European Union carbon permits for December rose 0.3 percent to 7.50 euros a metric ton on the ICE Futures Europe exchange.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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